Exhibit 99.2
Schedule 1
CINERGY CORP.
CONSOLIDATED STATEMENTS OF INCOME
For the Periods Ended December 31, 2005 and 2004
(unaudited)
(dollars in thousands, except per share amounts)
|
| Quarter Ended |
| Year To Date |
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|
| 2005 |
| 2004 |
| 2005 |
| 2004 |
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Operating Revenues |
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Electric |
| $ | 1,118,974 |
| $ | 849,260 |
| $ | 4,070,972 |
| $ | 3,510,525 |
|
Gas |
| 340,013 |
| 259,090 |
| 816,781 |
| 783,316 |
| ||||
Other |
| 169,724 |
| 94,741 |
| 522,095 |
| 333,988 |
| ||||
Total Operating Revenues |
| 1,628,711 |
| 1,203,091 |
| 5,409,848 |
| 4,627,829 |
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Operating Expenses |
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Fuel, emission allowances and purchased power |
| 466,654 |
| 307,528 |
| 1,535,088 |
| 1,233,311 |
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Gas purchased |
| 218,555 |
| 137,359 |
| 513,690 |
| 428,087 |
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Costs of fuel resold |
| 145,664 |
| 77,450 |
| 443,132 |
| 280,891 |
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Operation and maintenance |
| 349,670 |
| 304,333 |
| 1,348,554 |
| 1,230,618 |
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Depreciation |
| 129,780 |
| 124,810 |
| 510,438 |
| 453,765 |
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Taxes other than income taxes |
| 62,894 |
| 49,625 |
| 272,009 |
| 253,934 |
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Total Operating Expenses |
| 1,373,217 |
| 1,001,105 |
| 4,622,911 |
| 3,880,606 |
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Operating Income |
| 255,494 |
| 201,986 |
| 786,937 |
| 747,223 |
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Equity in Earnings of Unconsolidated Subsidiaries |
| 8,571 |
| 30,154 |
| 33,777 |
| 48,249 |
| ||||
Miscellaneous Income (Expense) - Net |
| 16,968 |
| 7,695 |
| 51,001 |
| (3,577 | ) | ||||
Interest Expense |
| 73,733 |
| 65,659 |
| 283,353 |
| 275,000 |
| ||||
Preferred Dividend Requirement of Subsidiary Trust |
| — |
| — |
| — |
| — |
| ||||
Preferred Dividend Requirements of Subsidiaries |
| 324 |
| 858 |
| 2,643 |
| 3,432 |
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Income Before Taxes |
| 206,976 |
| 173,318 |
| 585,719 |
| 513,463 |
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Income Taxes |
| 15,137 |
| 26,860 |
| 95,597 |
| 103,064 |
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Income Before Discontinued Operations and Cumulative Effect of Changes in Accounting Principles |
| 191,839 |
| 146,458 |
| 490,122 |
| 410,399 |
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Discontinued operations, net of tax |
| 858 |
| (32 | ) | 2,575 |
| (9,531 | ) | ||||
Cumulative effect of changes in accounting principles, net of tax |
| (3,044 | ) | — |
| (3,044 | ) | — |
| ||||
Net Income |
| $ | 189,653 |
| $ | 146,426 |
| $ | 489,653 |
| $ | 400,868 |
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Average Common Shares Outstanding - Basic |
| 199,557 |
| 183,455 |
| 198,199 |
| 180,965 |
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Earnings Per Common Share - Basic |
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Income before discontinued operations and cumulative effect of changes in accounting principles |
| $ | 0.96 |
| $ | 0.81 |
| $ | 2.47 |
| $ | 2.27 |
|
Discontinued operations, net of tax |
| 0.00 |
| — |
| 0.01 |
| (0.05 | ) | ||||
Cumulative effect of changes in accounting principles, net of tax |
| (0.01 | ) | — |
| (0.01 | ) | — |
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Net Income |
| $ | 0.95 |
| $ | 0.81 |
| $ | 2.47 |
| $ | 2.22 |
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Average Common Shares Outstanding - Diluted |
| 200,324 |
| 186,369 |
| 199,172 |
| 183,531 |
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Earnings Per Common Share - Diluted |
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Income before discontinued operations and cumulative effect of changes in accounting principles |
| $ | 0.96 |
| $ | 0.79 |
| $ | 2.46 |
| $ | 2.23 |
|
Discontinued operations, net of tax |
| 0.00 |
| — |
| 0.01 |
| (0.05 | ) | ||||
Cumulative effect of changes in accounting principles, net of tax |
| (0.01 | ) | — |
| (0.01 | ) | — |
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Net Income |
| $ | 0.95 |
| $ | 0.79 |
| $ | 2.46 |
| $ | 2.18 |
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Cash Dividends Declared Per Common Share |
| — |
| $ | 0.47 |
| $ | 1.92 |
| $ | 1.88 |
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Note: Prior year data has been reclassified to conform with current year presentation.